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Directors- Resident/Non resident

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(Querist)
08 June 2009 For a Pvt/Public company, should all its directors be Indian Resident or how many of them can be Non-Residents? Is there some speicific eligibility regarding residential status to be the Director of any Pvt or Public company?
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CA Devin

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CA Devin (Expert)
08 June 2009 No, there is no requirements that directors should be indian...

There must be 2 directors for Pvt Ltd Co. & 3 directors for Public Ltd Co... All of them can be NRI's...
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varun gupta

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varun gupta (Querist)
08 June 2009 But will this not create a lot of problems as for any fruad or like, directors are responsible while, directors of a company might be residing in some other company? How will the govt or law can punish them in such case?
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Ankur Garg

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Ankur Garg (Expert)
08 June 2009 Agree with Devin. Companies Act, 1956 is silent about this provision.

You have to complete DIN requirement for appointing them as director.

You may consider this as a loop hole in law.

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